It isn't illegal unless it is spelled out in a regulation or law.

In my mind its our inheritance, and I'd rather not foul things up, and be required to give the government a sizable portion of it, if that can legally be avoided.   

Make sure to study up on the rules and regulations that go along with it. 

For rules and regulations, are there any must have additional rules and regulations that you add into the form that you learned over the years?

There are too many rules and regulations that make it prohibitive to operate and make a profit.

Not very common because theres governance hurdles and debt financing hurdles to over come. 

@Matthew Stallings Hollywood, FL is pretty STR-friendly; however, I would recommend waiting until this summer before pulling the trigger as there is some legislation going through the Florida government as we speak that could potentially affect the STR market.

I look for the best applicant.Someone that has had same job for a couple years, someone with more income that can pay the rent.If I have to give a little one one of my criteria then I get a larger deposit, usually 1.5x the rent or first, last and security.Sometimes you have to keep looking to get a good applicant.I have been luck I usually get 30 people inquire and 4 or 5 apply.Section 8 can offset a low creidt score since their rent or part of it is guaranteed by the government.

This should be required reading for all high school students, imo.Total Money Makeover (Dave Ramsey) - how to get your finances under control, if they aren't alreadyAll Your Worth & Two-Income Trap (Elizabeth Warren) - the intersections of personal finance and government policy - good things to understand if you're a tax-paying US citizen.Your Money or Your Life (Vicki Roberts, Joseph R.

As government bureaucracies, I'd imagine that counties and states are giving proper notice to interested parties, including the IRS.